New Home Sales Continue to Slip

Sales of new single-family homes were at a seasonally adjusted rate of 590,000 in February, a 1.8-percent slip from a month ago and nearly 30 percent below the February 2007 rate of 840,000, the U.S. Commerce Department reported this morning.

The median sale price of a new home was $244,100 in February, up from $225,600 the previous month but down 2.7 percent from $250,800 recorded a year ago. There were 471,000 new homes available for sale at the end of February, representing a 9.8-month supply at the current sales rate. There was an 8.1-month supply a year ago.